The Sprott Uranium Miners ETF (URNM) closed near $41.79 in late October 2026, a drawdown of about 52.2% from its peak, even as spot uranium stood near $90 per pound and the long-term price reached a record $96. The comparison comes from a Sprott Asset Management uranium report dated October 28, 2026, which charts the fund against both prices from 2020 through October 23, 2026, using Bloomberg data.

The chart marks the 52.2% decline as matching or exceeding the fund's previous maximum drawdown. Sprott noted that the last comparable decline came during the April 2025 tariff-driven sell-off, when the S&P 500 fell roughly 19% from its February peak. By contrast, the report said the S&P 500 remained less than 3% below its recent high.

Performance figures through September 30, 2026 show the split. Spot uranium gained 0.05% in September and 9.87% year to date. The VettaFi Global Uranium Mining Index fell 16.26% in September and 12.41% year to date, while the Nasdaq Sprott Junior Uranium Miners Index lost 21.91% for the month and 19.32% year to date.

A second chart in the report tracks the Global X Uranium ETF (URA) against uranium prices. The ratio of URA to the long-term price stood at 75.9, below its 10-year average of about 80, while the ratio to spot was 53.6, approaching one standard deviation below its 10-year average.

The report adds that uranium prices have roughly tripled since 2020 while mine output has risen about 50%.

Source: Sprott Insights -- https://sprott.com/insights/uranium-miners-a-liquidity-shock-not-a-broken-thesis/